Wednesday, January 18, 2012

From Regular Mom to Millionaire Mom

By Suzanne Cramer
Being a single mom is rewarding, but takes its toll in many ways; financially speaking being a single parent makes it tough to make your financial health a priority.

To better prepare yourself for your future it's important to take steps to save for retirement, emergencies, and goals you may have. Saving is an intricate piece of your financial puzzle and should be made a priority.

Let's find out if you are financially on track.

Have you figured out what you need to retire?

Many of us haven't, according to the Retirement Confidence Survey, Only about four out of ten of us have tried to calculate what it would take for a comfortable retirement, and one-third of those who have can't remember what figure they came up with. Without knowing how to get where you need to be how can you develop a plan to get there?

CNN Money offers a simple yet effective retirement calculator to help you determine what you need to save today for your future. 

Do you save a portion of your income regularly?

According to MSN Money the current U.S. savings rate is below 1 percent; are you part of that 1%? If so, let me stress to you the importance of saving at least 5% of your income; coupled with investing you can continue to grow your nest egg for a comfortable retirement.  

Do you pay off your credit cards every month?

Carrying a balance on your credit cards is a dangerous trap to fall into. That balance may be costing you more than you think each month in interest and fees. 
Responsible credit card use involves paying off your balance each month and making timely payments, failure to do so results in higher interest rates and late fees. 
If you are currently only paying the minimums or are getting behind on payments now is the time to develop a plan for paying down your debt. If you are not sure how to get started consider reviewing this article on your debt relief options.

Are you protecting what you have?

As a single parent your kids depend on you to take care of them, but what if? It is imperative that you review all of your insurance plans to ensure you have the right coverage for you.

  • Health insurance
  • Life insurance
  • Auto insurance
  • Homeowners or rental insurance 
Today millions of Americans are without health insurance or adequate coverage; the financial losses suffered by an unexpected medical emergency are enough to frighten anyone. 

Are you taking the right steps to achieve your financial goals?  Saving is not always easy especially when raising children on your own. Making savings a line item in your budget will help you to pay yourself first and help prepare you for the unexpected and your future. 

Suzanne Cramer is a certified credit counselor and a Social Media Specialist for CareOne Debt Relief ServicesSuzanne writes for Divorce, Debt and Finances and Major Life ChallengesFollow Suzanneon Twitter @ADivorcedMom where she shares her insights as a single-divorced mom with tips and tricks to keep your finances in check.


  1. I'm glad that I'm getting more serious about putting away money in my savings account and looking into a retirement plan now. A lot of ppl think that retirement plans are something to look into when you're older, but you should actually start as soon as you get your first job. So, I've got some catching up to do.

  2. @YUMOMMY So proud of you! Saving is a tough but necessary piece of your financial puzzle--keep up the great work!

  3. Fantastic tips! The Homeowner's insurance is the one thing me and DH still need to get (well, in our case actually "renter's insurance" LOL)


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